Intermoney | Aena (Buy, PO 215 ) announced yesterday with the market open the passenger and freight traffic to March 2025. Figures in Spain showed an increase of 4% last month to just under 24 million passengers, of which almost 10 million were distributed between Barajas and El Prat, which increased their figures by just under 3%. Among the other major airports, Malaga (8%) and Alicante (16%) stood out. So far this year the increase in traffic is up 5%, with Barajas and El Prat growing overall by a point less than this percentage.overall one point lower than this percentage. In the rest of Aena’s assets, Brazil is up 5% and Luton 6%.
Assessment: No surprises last month, in which the expected moderation of growth from the double digit growth we saw a year ago continued. We expect a 3.7% increase in traffic in Spain for 2025 as a whole, in line with Aena’s own guidance (3.5%). This guidance was confirmed by the company after the start of the tariff turbulence; it does not seem therefore that the traffic declines being reported in the US are affecting, at least for the time being, the traffic growth in Spain.are affecting, at least for the time being, Spain. After EBITDA growth of 16% in 2024, we think that increases in this variable should also moderate, so we estimate TACC of 6% in 25-27, due to a relative cooling of the commercial business, where we may be being too conservative.
